ONE Mortgage Program

Interested in a ONE Mortgage Loan?

A product of the Massachusetts Housing Partnership (MHP), the ONE Mortgage is safe, secure, and tailor-made for first-time homebuyers. The program breaks down barriers that prevent creditworthy families from buying a home: inadequate consumer education, high interest rates and fees, excessive down payment requirements, compulsory mortgage insurance, and provides mortgage options for the purchase of two- and three-family properties.

Down payments as low as 3%. For condominiums or one- and two-family properties, the minimum for a down payment is just 3% of the purchase price—and only 5% for a three-family property.

Low, fixed interest rates. With the ONE Mortgage, homebuyers enjoy a discounted, fixed interest rate.

Pay no Private Mortgage Insurance. By not paying for costly Private Mortgage Insurance, ONE Mortgage homebuyers save hundreds of dollars every month.

Financial assistance. Based on income, ONE Mortgage customers may also qualify for an additional monthly savings during their first seven years of ownership. MHP Interest Subsidy reduces monthly mortgage payments in the early years of ownership.

How Do I Qualify*?

  • Are you a first-time homebuyer? You can qualify if you have not owned a home in the three years prior to applying for a ONE Mortgage.
  • Complete an approved, pre-purchase homebuyer education class prior to closing.
  • Have a total household income that falls within the program guidelines.
  • Have no more than $75,000 in total household assets. Assets do not include most retirement savings.
  • Meet credit and underwriting requirements of a participating ONE Mortgage lender.
  • Use the property as your primary residence throughout the terms of the loan.

*Interest on the amount of the loan exceeding the value of the dwelling is not tax deductible. Please consult a tax advisor for guidance.

To learn more about the ONE Mortgage Program or other types of mortgage financing, contact our Mortgage Center at Enterprise Bank, 877-671-2265. 

Enterprise Bank and Massachusetts Housing Partnership (MHP) are separate and unaffiliated entities.

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